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One of the Baltics’ most experienced leaders — combining fintech and banking experience, and one of very few who has actually run a lending business across Spain, Poland and Romania — takes over as Hive Finance Group enters its next phase: a sharper focus on profitability. 

Hive Finance Group has appointed Krisjanis Znotins as its new Group CEO. Znotins brings more than fifteen years of leadership across international fintech, banking, leasing, and serving on supervisory boards. He also becomes a minority shareholder of the Group and arrives at a moment when Hive Finance Group is moving from foundation-building toward streamlined operations and sustained profitability. 

About Hive Finance Group 

Hive Finance Group is based in Vilnius and operates in three core markets: Poland (through Ekspres Pożyczka and Firmeo), Spain (FinJet), and Romania (Credilink). 2024 was the Group’s first year of consolidated profitability, with €11.5 million in revenue and €1.89 million in EBITDA. Alongside its lending businesses, the Group also runs Hive5, an alternative investment marketplace, which to date has paid more than €4.6 million in interest to over 29,000 investors. Earlier this year Hive Finance Group became part of Ruptela Group, a move that brought additional strategic and financial weight to the business. 

A strategic fit, at the right moment 

The most compelling part of this appointment is a simple fact: Krisjanis has done this before, in the same markets, with a similar model — and he has done it profitably. 

Most recently, as CEO of Wandoo Finance Group (August 2023 – January 2025), he ran a Latvia-headquartered consumer fintech serving underbanked customers in Spain, Poland and Romania — the same three markets that define Hive Finance Group today. Under Krisjanis’s leadership, Wandoo reached stable profitability, deepened its use of AI in underwriting, completed a shift to fully digital customer journeys, and diversified its funding across equity, the P2P platform, and individual investors. 

The architecture — lending companies in European markets fueled by funding from an investor marketplace — is structurally close to what Hive Finance Group runs with Hive5 today. In short, he has built and turned profitable a group that looks a lot like ours. 

A welcome from the Founder 

“Krisjanis is exactly the leader we needed for this next chapter,” said Andrius Rupsys, founder of Hive Finance Group. “There aren’t many people in Europe who combine deep banking discipline, listed-fintech operating experience and real operational familiarity with Poland, Spain and Romania. His track record is remarkably consistent: he leaves every business he touches stronger, more profitable and more scalable. But what made the decision easy was the alignment on values — ambition, accountability, transparency, and a real belief that the team is the centre of everything.” 

Track record 

Before Wandoo, Krisjanis Znotins spent five years at Eleving Group, one of the largest Baltic-born financial groups in Europe, serving as CEO of the Latvian business. At Eleving’s Latvian business he led a strategic transformation from traditional lending into a mobility platform covering car finance, used-car rental and subscription services — delivering €5.6 million in profit in 2021, the highest in the company’s history, and overseeing a €30 million bond listing on Nasdaq First North. 

Earlier, he spent nearly a decade at DNB and its successor Luminor, one of the largest banks in the Baltics, ultimately serving on the Luminor Latvia management team as Head of Business Clients, with a portfolio of 30,000+ SMEs.  

Alongside his executive career, he is Council member at ALTUM, Latvia’s state-owned development finance institution with around €1.5 billion in assets, Council member at Pauls Stradiņš Clinical University Hospital — the second-largest hospital in Latvia. 

What this means for investors 

For Hive5 investors, the most important message is continuity. All loan repayments continue on time, and nothing changes in day-to-day operations.  

What does change is the direction. The Group is now firmly oriented toward profitability rather than growth. We have invested in new branches and capacity over the last period; the priority now is to make those operations work more efficiently, and more profitably — and to broaden what we offer investors. 

In line with that, a new 2-year Firmeo product at 14.5% interest launches this week on Hive5, giving investors a longer-duration, higher-yield option in our most established product line. 

To further expand our offering, we will explore new products that support greater diversification while still maintaining same-day access to funds.  

Both reflect the broader direction under the new leadership: more diversified products and more flexibility for the people who fund our growth. 

In his own words 

“Hive Finance Group is at the stage I find most exciting,” Krisjanis Znotins said. “The foundations are built, but the next steps are about building Group-wide systematic processes that support sustained, profitable growth. In the end it comes down to people — meeting Andrius and several of the key people around him made the decision clear from the start.” 

Asked where he sees the biggest opportunity, Znotins points to three levers: operational excellence; deeper use of technology and AI across underwriting, collections, customer acquisition and service; and careful, selective expansion into adjacent products, new markets and partnerships. 

Looking ahead 

His immediate focus will be on understanding the business in detail, getting to know the team and key stakeholders, aligning everyone around a focused strategic roadmap, and delivering stable profitability — turning the foundations that have been built into a leaner, more efficient, more profitable Group. 

P2P investing has become more and more attractive to institutional investors. Platforms attract capital from hedge funds, family offices, and even traditional banks. This shift brings larger funding volumes, stability, and increased confidence for platforms. At the same time, everyday investors are becoming more loyal, strategic, and engaged. 

Institutional Investors 

In recent years, big players like hedge funds, banks, and family offices have begun investing directly into P2P platforms. We’ve noticed the growing number of institutional investors, too. The main reason is that platforms offer higher potential returns than traditional fixed-income products like bonds. These large institutions help platforms grow by providing steady capital. 

In 2024 and 2025, this trend has become even stronger. Institutional capital now plays a major role in the success of many platforms. It brings more stability and ensures the support of loan demand – even during economic uncertainty.

Why is it Beneficial for Retail Investors?

Institutional investors invest side-by-side with retail (individual) investors in the same loans. Everyone shares the same terms, risks, and returns. It creates fairness and trust. For individual investors, this setup offers extra trust. If a big institution is willing to invest in a loan, that’s often a good sign that the loan has gone through strict checks. It also helps reduce platform risk and makes funding more reliable.

Loyalty and Confidence

More and more P2P investors are sticking with the platforms they trust. At hive5, we’ve seen a steady rise in returning investors. It is a very satisfying trend. We understand that rewarding loyalty builds stronger long-term relationships. That’s why hive5 offers loyalty programs for consistent investors.

Our loyalty program gives users who’ve invested over 5,000 EUR and remained active for 90 days an additional return – up to 1% annually. Around 10% of active users are already making use of this feature. It’s a clear sign that investors appreciate these benefits.

New in Investing?

Whether you’re a new investor or someone with more experience, it’s a great time to review your investment strategy, explore what hive5 has to offer and see how these changes could work in your favour.

If you’d like help getting started or have questions about how to invest, our team is always happy to assist.

November brought steady growth, with key metrics improving compared to October. The loan volume originated during the month was €4,706,467, a notable increase from October’s €4,374,093. Therefore, we are fully prepared to conclude this year on a high note.

Let’s take a closer look at the main business highlights for November:

• Total loan volume funded since inception: 71,153,324 EUR
• Loan volume originated in November: 4,706,467 EUR 
• Number of loans originated in November: 7,626
• The average nominal interest rate of loans originated: 14.2% 
• Number of active investors: 17,451
• Paid back principal total: 59,620,228 EUR
• Paid back interests total: 1,541,367 EUR 

As we focus on closing out a successful year, our team is working hard preparing strategies for 2025. We are reviewing performance, analysing opportunities, and identifying improvement areas to deliver more value to our investors.

In addition to operational developments, we’re excited to announce an important update from our IT team: investors can now download account summaries directly from the platform. This new feature simplifies account management, ensuring a smoother user experience.

Thank you for being a part of hive5. We look forward to achieving even more significant milestones together!

Following a month of rapid growth in September, our loan volume in October has stabilised, which is no surprise. After a significant surge, it’s natural for growth to find a steady pace. Nonetheless, we are pleased to see our community of investors growing stronger, reaching more than 15,000 investors. To each of you – thank you for your continued trust and support.

Let’s take a closer look at the main business highlights for October:

• Total loan volume funded since inception: 66,966,693 EUR
• Loan volume originated in October: 4,374,093 EUR
• Number of loans originated in October: 8,247
• The average nominal interest rate of loans originated: 14.4%
• Number of active investors: 15,785
• Paid back principal total: 56,334,123 EUR
• Paid back interests total: 1,417,283 EUR

With 4.37 million EUR in loans originated and an increasing number of investors, hive5 remains on a strong path. The continued growth in our investor community reflects a lasting interest in our platform.

As we head into the year’s final months, our focus is on closing 2023 on a high note. We’re analysing our progress, identifying areas to improve further, and setting strategic plans for next year. We aim to provide our investors with even better results and value in the coming year

Hive Finance Expands to New Market: The Reasons for Choosing Romania 

 

Hive Finance is finishing the last processes before launching a new company in Romania. This marks our third loan company in Europe and represents a strategic move to enter one of the EU’s most promising markets.

Why Romania?

Romania presents a unique opportunity for non-banking financial institutions. The country combines highly skilled lending professionals with relatively few alternative lending options compared to the traditional banking system. After deep market research, we have decided that this environment is perfect for growth and innovation.

Romania has a population of approximately 20 million people, evenly distributed between large urban areas and smaller urban and rural regions. Notably, the rural areas have lower access to financial services, creating a significant opportunity for Credilink to make a difference. Despite the average net income increasing significantly over the past five years, a substantial portion of the population earns below 600 euros monthly. This demographic, estimated at over 5 million people, represents a vast potential market for our services.

Key Advantages

Moreover, we want to highlight several main advantages that make the Romanian market particularly attractive for investment:

• Skilled Workforce: ​​Romania has a highly skilled workforce, particularly in the lending sector. This expertise is essential for delivering high-quality financial services.
• Regulatory Clarity: Romania’s regulatory framework is clear and supportive, providing a stable environment for business operations.
• Cost-Effective Operations: Romania’s relatively low business costs make it an economically viable market for expansion.

Strategic Expansion

We conducted in-depth research to understand the economic landscape, consumer behaviour, and regulatory environment. This detailed approach ensures that our entry into Romania is well-informed and strategic. We recognise the country’s potential for consumption growth, particularly in the still-developing online consumer credit sector with only a few competitors.

Building Trust and Confidence

At Hive Finance, we understand the importance of trust and transparency. Our extensive experience and successful track record in other European markets back our expansion into Romania with Credilink. We are committed to maintaining high standards of integrity and excellence, ensuring our services are reliable and trustworthy.

We look forward to positively impacting Romania and establishing Credilink as a leader in the consumer loan market.

 

March at hive5 was outstanding! It wasn’t just another month – it was a record-breaking month. Our loan volume jumped massively, and we achieved an impressive 48% increase in monthly growth compared to February.

Let’s take a look at the main business results for March:

• Total loan volume funded since inception – 39 533 058 Eur 
• Loan volume originated in March – 3 671 399 Eur (vs 2 486 840 Eur in February)
• Number of loans originated in March – 3 686
• The average nominal interest rate of loans originated in March – 14.82% 
• Number of active investors – 10 774

Finally, here’s the cherry on top: the loyalty program has been on our list of plans for a long time and has eventually launched. We are happy to fulfil your request and increase returns for loyal investors from 0.5% to 1% (depending on your investment). Whether you’re a Navigator discovering your path, a Voyager sailing towards your dreams, or a Pioneer leading the way, your investment journey with hive5 is full of possibilities. It’s our way of saying a big thank you for your trust and investment in hive5. 

March was a successful month for our platform, and we can’t wait to see what even more exciting April will bring us.

Investors have already invested more than a million euros in our new loan originator’s FinJet business loans on hive5. The purpose of business loans is to carry out operations and expand business. Moreover, we are preparing to launch our investors’ favourite type of loan – short-term personal loans in February. These loans will be issued by the same Spanish loan originator – FinJet.

Legal Details:

• Company Name: Mana Concept S.L.
• Registration Number: B67420703
• Shareholders: UAB “Hive Finance”
• UBO: UAB “Hive Finance”

The Spanish Market

Firstly, Spain’s economy is consistently growing, as well as the online lending market. Additionally, the Euro is the official currency in Spain, which provides a stable foundation for financial transactions. Embracing the Euro eliminates currency risk for our clients and company, reflecting our dedication to offering secure investment operations within a stable monetary policy framework.

Finally, the Spanish regulatory environment, characterised by its openness and lack of credit issues, enables to provide financial solutions without unnecessary limitations. This regulatory freedom empowers the company to offer innovative products that meet customers’ needs. At the same time, we will always remain loyal to our proven, responsible lending rules.

Scoring Model

Behind every successful financial company is a foundation of knowledge. As we integrate into the Spanish market, we have a mature database for quality assessment and credit risk management. FinJet uses market-leading scoring providers. These providers offer valuable raw data and credit risk scoring, forming the foundation of FinJet’s decision-making process.

FinJet Services

Initially focusing on personal short-term loans ranging from 100 to 500 Eur with a 30-day term, FinJet plans to expand its offerings to include instalment loans later this year. Notably, in Spain, there is no specific regulation regarding a price cap on these loans, allowing flexibility for the growth and development of the lending services.

Professional Team

Alex Teslenko – CEO of Finjet has worked as COO at Hive Finance for over a year. Alex has worked in banks and non-banking companies for over two decades as the General Director, the Head of the Collection and the COO, from massive Banks to fintech startups. Therefore, he is practically familiar with the international legal aspects of lending, credit risks and successful financial business development strategies.

Luis M. Garcia Ortega – Operation Manager – with 15 years of experience in fintech and alternative lending, Luis has a proven track record of maximising investment returns. His expertise includes operations, marketing, and business development at a well-known Global financial company, Ferratum group.

Antón Amann – Marketing Manager – a curious soul who knows how to attract new customers and make them loyal to companies. Driven by curiosity, he constantly explores innovative marketing strategies. He has vast experience in fintech companies and retail within an Agile environment. He worked at Dineo Credito, a popular loan provider in Spain, for over five years. Hence, he brings the team a strong knowledge of micro-lending in Spain.

Competitive Advantages

FinJet aims to stand out with its maximum technological effectiveness of processes and a concentrated focus on solutions that minimise the need for human resources. The Spanish team wants to simplify operations, enhance efficiency, and provide customers with trustworthy lending services. CEO of FinJet, Alex Teslenko, says: “We intend to enter the Spanish market using previously accumulated experience, developments, and know-how. The FinJet brand carries the same meaning we want to bring to our client: our service is simple, profitable, and, most importantly, fast, like a jet plane.”

With only a few days left until New Year, we want to express our gratitude to our team, investors and business partners; thank you for choosing hive5 and believing in our team. Looking back on 2023, we see it was a year of growth, learning, and building solid foundations for the future. While some plans may not have unfolded exactly as expected, we have achieved remarkable milestones.

2023:

Firstly, and most importantly, 2023 was a year of rapid growth. Over 8000 investors joined our platform. Your trust and engagement have been the biggest motivation for our improvement. Moreover, this year, we celebrated our first birthday. Every day, we become more confident in navigating the dynamic landscape of financial services.

From the perspective of Hive Finance, we have worked hard on improving the scoring model to ensure low default and stable operations. Also, the foundations for productive diversification have been prepared: MIP license in Poland and all necessary work to start the credit card operations. Another huge milestone was the establishment of the first microcredit companies in Spain and Romania. Additionally, in 2023, we took a significant step by preparing and sharing the financial results of all Hive Finance companies. This commitment to openness ensures that every investor has access to the information they need to make informed investment decisions.

2024:

We are excited about the opportunities as we await the dawn of 2024. Our journey continues, and we have some thrilling plans.

From the beginning of the year, we will launch the Spanish loan originator and prepare for another launch in Romania. One more project is at the final stage before launch – Polish credit cards. Additionally, we have an important plan to increase the Group’s profitability and liquidity reserve. Finally, we want to expand the community of investors and ensure smoother platform use. Hence, we have many plans to improve the website of hive5.

Our joy extends to the dedicated and professional team of Hive Finance’s companies. Their loyalty and hard work are the core of our achievements, and we couldn’t be happier to stay together in 2024.

Thank you for being an essential part of the hive5 journey, and we wish you a successful New Year filled with new possibilities.

Since the launch of hive5, many investors have convinced themselves of the reliability of “Ekspres Pozyczka” and have been satisfied with the generous return on investment. If you are still considering investing in business loans on hive5, today we want to explain why it should occupy a significant part of your investment portfolio.

The Successful Company

After more than a year since the company’s establishment in Poland, we can confidently say that Ekspres Pozyczka’s success lies in its commitment to cutting-edge technology for risk assessment. The company differentiates itself by employing advanced big data analysis and a self-learning risk decision engine. It enables Ekspres Pozyczka to develop a broad scoring model, including multiple factors for effective risk management. This forward-thinking approach positions the company to navigate potential challenges in the global economy, showcasing resilience and adaptability. Additionally, it gives high confidence to investors.

Ekspres Pozyczka utilises the funds these business loans raise to expand its lending operations. With a current investment pool of €2.31 million on hive5, Ekspres Pozyczka has demonstrated its appeal to investors seeking opportunities in the alternative lending market.

Future Investment Considerations

Recently, many investors have been concerned about the impending change in legislation effective in 2024. The new law will restrict investing in personal loans from Poland. However, it is essential to note that hive5 will continue to offer business loans from the region, which remain unaffected by the new regulation. Furthermore, Ekspres Pozyczka is dedicated to maintaining a solid track record and plans to continue growing its lending portfolio using internal resources. It maintains an exceptionally low default rate that outperforms market players.

As we step into autumn, we’ve got some exciting news: our financial report for the second quarter of 2023 is here! In the fast-paced world of digital finance, being adaptable and resilient is super important because it helps us grow. Even though many companies faced some challenges in 2023, Hive Finance Group has shown that it can maintain growth during tough times and become even stronger.

Hive Finance

In the second quarter of 2023, the group reported revenue from operations of 756,633 EUR which is 32% increase from the last quarter. While the EBITDA Q2 was 11,903 EUR. However, what shines brightly are the outstanding achievements of its subsidiary companies, Ekspres Pozyczka and hive5.

Ekspres Pozyczka

Ekspres Pozyczka, the loan provider under Hive Finance Group, has shown exceptional growth in the second quarter of 2023. With revenue from operations soaring to 1,315,277 EUR, the increase from last quarter is staggering ~132%, it’s evident that the company has been diligently serving its customers and expanding its market reach. Comparing this to the previous quarter’s revenue of 566,443 EUR, the growth is inspiring. Additionally, the net income for the second quarter jumped to 113,141 EUR, from 58,244 EUR in the first quarter which is ~94% increase. Also during Q2 the number of customers grew to an impressive 22,463 which shows ~40% increase from the last quarter. This impressive growth reflects Ekspres Pozyczka’s commitment to providing valuable financial services to its customers.

Hive5

Hive5 has also made progress in the second quarter of 2023. The cumulative portfolio of Hive5 has expanded to 11,282,000 EUR, reflecting a remarkable increase of approximately 115% compared to the previous quarter. Moreover, the platform has seen a substantial rise in the number of active investors, which now stands at 2,836, marking an impressive surge of approximately 291% since the first quarter. Hive5 has also reported a significant upswing in revenue from its operations, with earnings totaling 65,423 EUR for the second quarter. This represents substantial growth, surpassing the first quarter’s revenue of 16,073 EUR by over 307%. It’s important to note that while the net income for the second quarter was -11,537 EUR, it’s crucial to contextualize this figure within the broader dynamics of the P2P industry. Various market forces and factors can influence both revenue and profitability in this sector.

Looking Ahead with Optimism

The exceptional growth of Ekspres Pozyczka and hive5 speaks volumes about the group’s potential. In the face of challenges, the group remains steadfast in its mission to provide valuable financial services to its clients. Undoubtedly, with optimism and adaptability as our guiding principles, the group of companies will have a bright and successful future.

Lending capacity constantly growing, thus no cash-drag with a big difference to other big platforms